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Monetary policy

Ngā kaupapa pūtea

Monetary policy helps us to keep prices stable.

5.25 %

Official Cash Rate

We set the OCR to influence interest rates. We use our influence to keep inflation low and stable.

Updated:

Next update:

Official Cash Rate

3.3 y/y%

Inflation

Consumers Price Index (CPI) inflation occurs when the prices of a range of goods and services rise on average.

Updated:

Next update:

Inflation
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About monetary policy

Find information on how we make monetary policy decisions, the tools we use and the impact they have on the economy, and information on our Monetary Policy Committee members.

What is monetary policy?

We call our work to influence interest rates and the amount of money in the economy monetary policy.

Monetary policy tools

We use a range of monetary policy tools to control inflation and keep prices stable.

The Monetary Policy Committee

Our Monetary Policy Committee (MPC) decides what monetary policy action to take. The MPC sets and announces the OCR 7 times a year.